Tesla board evaluating CEO Musk's idea to take company private

By taking Tesla private, Musk believes that the company will be able to sharpen its long-term focus of revolutionizing an automobile industry dominated by fuel-combustion vehicles without having to cater to investors' fixation on how the business is faring from one quarter to the next.

In that time, Tesla short-sellers - Musk's sworn enemies - may have lost more than $800m, according to estimates from financial-technology firm S3 Partners, while his 20% stake reportedly gained $851m. The transaction would amount to the largest leveraged buyout - in which a company borrows money to repurchase shares and exit the public market - of all time.

Tesla Inc.'s board confirmed it knew last week about Elon Musk's proposal to take the electric-car maker private, adding credence to the idea that this was more than a spur-of-the-moment whim from the notoriously impulsive billionaire.

Lawyers said every word of Musk's tweets will be examined, including why he used words like "considering", to determine whether he might have tried to inflate the stock price to blow out short-selling investors, a longtime foe.

Bloomberg's Selina Wang and Giles Turner reported that Musk and Son failed to reach an agreement over the structure of the company, citing sources.

Musk has been under intense pressure this year to turn his money-losing, debt-laden company into a profitable higher-volume manufacturer, a prospect that has sent Tesla's valuation higher than that of General Motors Co.

Tesla stock, which has been on the rise for days, skyrocketed after the tweet and ended Tuesday up 11%.

'Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, ' Musk wrote. He now owns 20 percent of the company, so more than $60 billion is needed to buy the business from public shareholders.

Two of the potential stumbling blocks to Musk's plan include the stock price premium not being enough to get the existing shareholders on board to support the sale and coming up short on the announced funding to complete the transition. Saudi Arabia's Public Investment Fund, a major backer of the Vision Fund, has built a $2 billion stake in Tesla already. The move is estimated to require north of $50 billion to buy out the public shareholders. However, Musk expects the shareholders to agree with him and allow him to take the company private again.

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